Data Bridge Market Research analyses that the food allergy market was valued at USD 34.83 billion in 2021 and is expected to reach USD 53.85 billion by 2029, registering a CAGR of 5.60% during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
In recent years, the food allergy market is anticipated to proliferate during the forecast period. A food allergy is an abnormal reaction to certain foods, such as tree nuts, peanuts, and soy. Allergic reactions can cause everything from itchiness, tongue swelling, and hives to low blood pressure, diarrhoea, and vomiting. As per the World Allergy Organization, food allergies are becoming more frequent around the world, with the most common allergens being egg, milk, wheat, seafood, and tree nuts. Furthermore, compared to western countries, seafood allergies are more common in Asia.
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Food Allergy Market Dynamics
Drivers
- High prevalence in children
The rising prevalence of food allergies in children is estimated to enhance the market's growth. Children, particularly toddlers and newborns, are more prone to food allergies. Children's digestive systems mature as they become older, and their bodies are less prone to absorb food or food components that cause allergies. Milk, soy, wheat, and egg allergies are usually outgrown in youngsters. Allergies to nuts and shellfish, in particular, are more likely to be lifelong. Peanut allergy among children has increased by 21% since 2010, according to a study released by the American College of Allergy, Asthma, and Immunology (ACAAI) in 2017. According to the research, around 2.5 percent of children in the United States are allergic to peanuts.
- Increasing investment for healthcare infrastructure
Another significant factor influencing the growth rate of food allergy market is the rising healthcare expenditure which helps in improving its infrastructure. Also, various government organizations aims to improve the healthcare infrastructure by increasing funding and this will further influence the market dynamics.
Furthermore, rising initiatives by public and private organizations to spread awareness will expand the food allergy market. Additionally, changing lifestyle of people and rising level of disposable income will result in the expansion of Food allergy market.
Opportunities
- Increase in the number of research and development activities
Moreover, the market's growth is fueled by an increase in the number of research and development activities. This will provide beneficial opportunities for the food allergy market growth. Along with this, rising drug approvals and launches will further propel the market's growth rate.
Moreover, rising investment for the development of advanced technologies and increase in the number of emerging markets will further provide beneficial opportunities for the food allergy market growth during the forecast period.
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COVID-19 Impact on Food Allergy Market
Since its emergence in December 2019, the COVID-19 virus has spread to nearly every country on the planet, prompting the World Health Organization (WHO) to declare it a public health emergency. COVID-19, a new coronavirus, was identified as the causal agent in the pneumonia cases. This virus spread quickly over the world, killing a large number of people. COVID-19 was labelled a global pandemic by the World Health Organization (WHO) in March 2020, and rigorous measures to prevent the disease's spread were recommended. Since then, the pandemic has delayed the expansion of the healthcare sector and disrupted the supply chain. Furthermore, governments in many nations had imposed nationwide lockdowns to halt the spread of COVID-19. Similarly, healthcare organizations in numerous nations throughout the world were having difficulty continuing their supply chain activities. The supply chain slowness hampered the food allergy market.
Global Food Allergy Market Scope
The food allergy market is segmented on the basis of food source, symptoms, diagnosis, treatment, end-users and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Food Source
- Dairy Products
- Poultry Product
- Shellfish
- Soy
- Others
Symptoms
- Anaphylaxis
- Atopic Dermatitis
- Others
Diagnosis
- Skin-Prick Tests
- Blood Test
- Elimination Diet
- Others
Treatment
- Epinephrine
- Oral Immunotherapy
- Antihistamines
- Others
End-Users
- Hospitals
- Specialty Clinics
- Homecare
- Others
Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
- Others
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